gross monthly salary
Suppose you take out a 20-year mortgage for a house that costs $476,114. Assume the following:
• The annual interest rate on the mortgage is 5%.
• The bank requires a minimum down payment of 13% at the time of the
loan.
• The annual property tax is 2% of the cost of the house. • The annual homeowner's insurance is 0.8% of the cost of the house.
• The monthly PMI is $58
• Your other long-term debts require payments of $960 per month
If you make the minimum down payment, what is the minimum gross monthly salary you must earn in order to satisfy the 28% rule and the 36% rule simultaneously?
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Please try not to answer if you are not going to answer
both so that I can give my rating to someone else! Thank
you!!!
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Please try not to answer if you are not going to answer
both so that I can give my rating to someone else! Thank
you!!!
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2. Complete the % Down column by correctly
calculating the percentage of the cost of the house that the
customer’s down payment represents.
3. Complete the APR column by using the VLOOKUP
function and the table for Years and Rate provided to assign the
correct interest rate to each loan based on the length of the loan
in the Years column.
4. Complete the Monthly Payment column using
the Payment (PMT) function to correctly calculate the monthly
payment due for...
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